By Gabriel Circiog, Associate Editor Locally based BMC Investments has acquired a prime parcel of land in Cherry Creek and plans to build a 12-story luxury apartment community, the Denver Business Journal reports. Located on the corner of East First Avenue and Steele Street, the parcel was bought for $15.75 million, according to public records. [...]

Locally based BMC Investments has acquired a prime parcel of land in Cherry Creek and plans to build a 12-story luxury apartment community, the Denver Business Journal reports. Located on the corner of East First Avenue and Steele Street, the parcel was bought for $15.75 million, according to public records.

According to the seller, Eric Bush, BMC Investments outbid around 40 other groups that were interested in acquiring the one-acre plot. Bush still holds a minority interest in the project.

Managing partner of BMC Investments, Matt Joblon, said in a statement: “It is the gateway to a very special area of the city. We will work closely with the city council and the neighborhood to ensure we deliver an exceptional project that highlights Cherry Creek.”

Situated on the southeast corner opposite Cherry Creek Mall, the site has been zoned for 12 stories, and a development agreement has already been approved. BMC Investments plans to build an $80 million U-shaped complex that will feature 16,000 square feet of retail space on the ground floor, parking above it and 250 apartments in two wings around a courtyard.

This is not the only sizeable project currently planned in the Cherry Creek area. The Pauls Corporation intends to build an eight-story, mixed-use building at 100 St. Paul St. that will feature 135,000 square feet of office space and 14,000 square feet of retail space. The building, which will be the new home of FirstBank, will also include three floors of below-grade parking. Western Development Group has also announced plans to construct an eight-story, office/luxury condominium project dubbed 250 Columbine.

BMC Investments has to submit site plans to the city of Denver and upon approval, and the company plans to break ground within a year. Centennial-based Haselden Construction has been hired to carry out pre-construction work at the site, including the demolition of the existing office building. Charlotte, N.C.-based Housing Studio has been hired by BMC Investments to design the building, and Los Angeles-based Rottet Studio has been appointed to design the interiors.